Asian markets jumped on Monday as a resounding win for Japanese Prime Minister Sanae Takaichi whetted appetites for more reflationary policies, while there was widespread investor relief at a last-gasp rebound in US chip stocks.

In Hong Kong, the benchmark Hang Seng Index opened 422 points, or 1.6 percent, higher at 26,982.

The China enterprises index was 139 points, or 1.5 percent, up at 9,170 while the tech index was 101 points, or 1.9 percent, up at 5,447.

On the mainland, the benchmark Shanghai Composite Index opened almost 38 points, or 0.93 percent, up at 4,103 ahead of inflation figures due on Wednesday that are expected to show a pullback in food prices and continued deflation in producer prices.

The Shenzhen Component Index opened 208 points, or 1.5 percent, higher at 14,115.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was up 1.95 percent at 3,299.

A rally in chip stocks and bargain hunting in beaten-down momentum plays including silver had helped shore up sentiment, as did wagers of more rate cuts from the US Federal Reserve.

A rate cut by June is now seen as an odds-on bet, with a slew of economic data this week on jobs, inflation and spending expected to reinforce the case for stimulus.

Japan's Nikkei led the gains with a rise of 4.4 percent to all-time highs as the government's decisive majority clears the way for more spending and tax cuts.

The Nikkei 225 opened up 876 points, or 1.62 percent, at 55,130 before briefly jumping over five percent to climb above 56,000 in a first.

It was up 2,433 points, or 4.49 percent, at 56,687 just before midday.

Heavyweight chip-testing equipment maker Advantest, a supplier to Nvidia, vaulted more than 13 percent to be the Nikkei's top performer, leading a rally among shares linked to artificial intelligence.

The ⁠market "sees greater momentum for Takaichi's policy agenda", particularly her fiscal policy, said Shingo Ide, chief equity strategist at NLI Research Institute.

"It's not just a stable administration – what's coming into view is the prospect of a long-term administration."

For the Nikkei though, "I don't think it will keep rising at this pace. If it were to shoot straight to 60,000, that would be a bit overdone," Ide said, adding that it may eventually "settle down" around 56,000.

"The victory gives Takaichi a stable majority, enabling decisive action on fiscal stimulus, AI, semiconductors, energy security and strategic reforms," said Marc Jocum, a senior investment strategist at Global X ETFs Australia.

"Japan was long seen as a contrarian investment, but is now a reform story with meaningful momentum," he added.

"Political stability, improving returns on capital, domestic capital deployment and reasonable valuations all point in ⁠the same direction."

MSCI's broadest index of Asia-Pacific shares outside Japan rose 2.2 percent while South Korea's tech-heavy index climbed 4.3 percent. (Xinhua & agencies)